Assignment 2006 Answers

ASSIGNMENT 2006 ANSWERS Question 1

Question 2.1 REDISTRIBUTION AGREEMENT We the undersigned: June …….. Surviving spouse Peter ……… Simon …………. Paul ……………… Assisted by…………. As natural guardian Intestate heirs of the late ………………….. hereby agree to redistribute the estate as follows: June will receive ………………………………. …………… . Less cash contribution……………..

675 000

Peter ….. will receive …………………………………………. . …………….

112 5000

Ruth will receive ……………………………………….. ……………..

56250

Simon ………….. will receive …………………………

56 250

Signed at Windhoek this ………….. day of ………….. 2006 ……………………. …………………… …………………… …………………. On behalf of Paul ……. Question 2.2/ Liquidation account Liabilities. Advertisemebts To creditors GG Newspaper Account GG Newspaper Bank charges Masters Fee Executors commission VAT ……… Sworn appraisement ……..Transfer costs ……………. Other Balance for distribution

20.00 …….. 20.00 ……..

…………………… ………………….. 2 880.00

33 600 5 040

38 640 ………….. …………… .…………. 900 000 960 000

Distribution account. Balance for distribution To June Smith (born Jones) Surviving Spouse ½ by virtue of marriage 450 000 ¼ in terms of intestate 225 000 1

900 000 675 000

Award consists of ……………… ……………….. To Peter Smith Major I.T.O. intestate Award consists of ……………….

112 500

To Paul ……. Minor Born ………… ID No …………………….. I.T.O. intestate Award consists of cash Ruth …….. married I.C.O.P to ………. I.T.O. Intestate Award consists of ………………….

56 250

56 250 900 000

900 000

Question 2.3/ Minors portion will be paid into the Guardians Fund, Alternatively it can be paid to the natural guardian provided that she gives security for this amount. Question 3 DISTRIBUTION ACCOUNT Balance for distribution To Sara Van Wyk Born ….. Surviving spouse !/2 ITO intestate 1/3 of ½ intestate Award consists of cash To Jacob van Wyk Major ………………………. 2/3 of ½ intestate Subject to usufruct of S/S Award consists of cash

180 000 90 000 30 000 120 000

60 000 180 000 180 000

Question 4.1 Appointing an executor in the normal way Resigning and sealing, in terms of section 21, the appointment issued in a “state” as determined by section 20 Question 4.2 If the deceased was not resident in Namibia and owned no immovable property in Namibia and no person in Namibia will be prejudiced.